Blog about Filing Bankruptcy in Washington DC and Maryland

What Do I Need to Know Before Filing for Bankruptcy?

The decision to file for bankruptcy is not an easy one. The stigma, the damage to your credit and the loss of certain assets can be a struggle. But sometimes, bankruptcy is the best option to reset your finances and move forward into the future without the burden of mounting debt. Things to Know About Bankruptcy Before You File You should know the difference between Chapter 7 and Chapter 13 bankruptcy. Chapter 7 bankruptcy involves liquidating assets in order to discharge most or all of your debt. If you opt for Chapter 7, you may be able to keep some of your assets, but you might have to give up nonexempt assets. Chapter 13, on the other hand, involves creating a payment plan to pay back creditors over a period of time. Chapter 7 tends to be a shorter process, lasting only a few months. Chapter 13 takes years to…
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After Sex Assault Scandal, Will The Weinstein Company File for Bankruptcy?

Will the sexual assault scandal simmering at The Weinstein Company lead to bankruptcy? Not according to Bob Weinstein, but other signs indicate it might happen. According to Variety, the company’s leadership is torn on whether to reorganize in the face of potential bankruptcy. Some members wish to sell the company. Others are concerned that the explosive allegations against Harvey Weinstein could lead to massive liabilities when all potential sex assault and harassment lawsuits are said and done. Still, others worry that the name of the company has been irreversibly tarnished, which will affect its ability to move forward with new projects. And according to TMZ, company leaders are concerned that they might not be able to get rid of Harvey Weinstein. Despite having already fired him, his contract stipulates that he is entitled to mediation followed by arbitration before he is allowed to be fired. His continued employment, if it…
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How to Rebuild Credit and Get Loans after Bankruptcy

Credit is somewhat of an ironic thing. The best way to get it is if you already have it. If you don’t have it, it can be difficult to obtain. Bad credit begets bad credit, which makes it harder to get loans, and the ones you do get can have expensive payments, leading to you falling behind on payments, leading to – you guessed it – worse credit. It is a black hole that can suck you in if you are not attentive to it, and like black holes, it can be impossible to pull yourself out once you’re in too deep. Bankruptcy can make a bad credit problem worse – for a long while. So, how does one dig themselves out of a credit pit after exiting bankruptcy? Start small. Credit cards are an excellent way to rebuild credit long-term, as long as you know how to be responsible…
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